Jenkins, Magnus, Volk, Carroll, P.C.

Certified Public Accountants


42714 Woodward Avenue  Bloomfield Hills, MI 48304


Phone: 248-858-2400

Fax:     248-858-7301 



January 2022

Keep Beneficiary Designations Current

Keep Beneficiary Designations Current

When was the last time you reviewed beneficiary information on your life insurance policies, retirement accounts and will? It’s important to check all accounts because in many cases, beneficiary designations on policies and retirement plans supersede what is written in your will or trust documents.

A primary beneficiary is the one who will inherit your asset. Keep in mind that your state may restrict who you can appoint. For example, your spouse may need to sign a waiver before you can select someone else as the primary beneficiary.

While the primary beneficiary is first in line to receive your asset, the secondary or contingent beneficiary is next in line if that person dies before you. Most accounts don’t require one, but it’s a good idea to name a secondary to ensure your assets are distributed how you want.

It’s a good idea to review everything at the same time. Make sure your will or trusts include all your assets, your insurance coverage is adequate and that you are on track with retirement savings. Meet with your financial and legal professionals annually.


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